Russia’s draft regulations would compel commercial banks to submit comprehensive reports on cryptocurrency, digital rights, and NFT transactions to enhance oversight and transparency.
The Russian central bank is drafting regulations that will require commercial banks to provide detailed reports on customer cryptocurrency-related transactions. Mandated disclosures include the sender and recipient identities, transfer method, intermediaries, applicable fees, transaction type, and funding source. Separate reporting will be required for activities involving crypto trades, digital rights, and NFTs. The initiative aims to strengthen regulatory oversight and transparency in Russia’s digital asset market.